Credit rating agency Standard & Poor’s (S&P) today announced it has raised its long-term financial strength and issuer credit ratings to 'AA' from 'AA-‘ on IAG’s core entities. It has also raised the long-term issuer credit rating on IAG to 'A+' from 'A'. The outlook on the ratings is stable.

IAG Managing Director and CEO Nick Hawkins said: “S&P's decision to upgrade IAG’s credit ratings follows an application of their revised risk-based capital criteria and acknowledges a range of factors, including IAG's strong capital buffers and enhanced reinsurance cover. This positive outcome reflects IAG’s prudent approach to capital, balance sheet management and diverse reinsurance structures.”

IAG today completed the $350 million on-market share buyback, announced in October 2022. The key capital metric, the Common Equity Tier 1 ratio, will be maintained within the targeted benchmark range of 0.9 to 1.1 times, with any surplus providing flexibility for further capital management initiatives.